One third of households had to spend their savings

It is possible to build up a financial reserve from little to no money, according to experts.

Illustrative stock photoIllustrative stock photo (Source: Unsplash)

Due to the economic crisis caused by the coronavirus pandemic, many families were forced to spend some of their savings to make ends meet.

Experts emphasise that it is necessary to save also during hard times.

“We know from our own experience that almost always, one can find some extra money in the family budget,” said Andrea Straková, an expert on personal finance from Partners Group SK, as quoted by the TASR newswire. “It does not have to be a great sum, but it is possible to save a little money in hard times too.”

Financial reserve of six monthly incomes

Finance experts recommend that families should have a reserve of six monthly incomes in order to overcome difficult financial times.

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